Annual Financial Statements 2010 of Bank Austria

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Notes to the Financial Statements Market risks resulting from the general balance sheet structure and the positioning of asset-liability management are additionally determined and regularly analysed by means of simulations of net interest income volatility. In addition to the business volume at the reporting date, these simulations are based on various interest rate scenarios, assumptions regarding new business, demand behaviour and general developments affecting margins in those market segments which are of greatest importance to UniCredit Bank Austria AG. Modelling over the projection period provides indications of trends in net interest income and enables the bank to identify risks at an early stage and to take appropriate measures. In addition to calculating VaR for trading activities, the bank uses the Value-at-Risk method for measuring market risk in the banking book. 4.31. Contingent liabilities Contingent liabilities of UniCredit Bank Austria AG shown below the line in item 1 on the liabilities side amounted to EUR 14,171,106,055.40, a decrease of EUR 996,153,418.05 or 6.57 % compared with the previous year. 31 Dec. 2010 31 Dec. 2009 (in EUR) (in EUR thsd) Acceptances and endorsements 0 0 Guarantees and assets pledged as collateral security 14,171,106,055.40 15,167,259 Guarantees in connection with retirement planning products benefiting from a state premium pursuant to Section 108 h (1) 3 and subsequent sections of the Austrian Income Tax Act (Einkommensteuergesetz – EStG) In connection with retirement planning products benefiting from a state premium, UniCredit Bank Austria AG has incurred nominal capital guarantee obligations defined by law. Under the “VorsorgePlus- Plan” product (a mutual fund managed by Pioneer Investments Austria GmbH), the bank guarantees the investor that in the case of repayment through regular payments to the investor, the amount available for repayment will not be lower than the sum of amounts paid in plus premiums (variable in a range between 8.5% and 13.5%, and index-linked) credited to the account pursuant to Section 108 g of the Austrian Income Tax Act. As at 31 December 2010, amounts paid in for retirement planning products benefiting from a state premium totalled EUR 108,923,529.36 (including state premiums credited for the years 2003 to 2009 in the amount of EUR 7,099,350.12, but excluding premiums for 2010); this compares with the fund’s net asset value of EUR 111,862,376.18. This means that the guarantee obligation, which amounted to EUR 108,923,529.36, was covered as at the relevant date. Risk management is based on a CPPI model reflecting the stochastic characteristics of the proportions of equity and bond investments. Daily marking to market of the related options carried in the bank’s trading book ensures that, if necessary, a sufficient provision is made immediately for any losses. The valuation functions are integrated in the OPUS system. Risk indicators are determined by the Credit Structured Products unit. 4.32. Letters of comfort and undertakings In addition to the contingent liabilities shown below the balance sheet in item 1 on the liabilities side, there are the following letters of comfort and undertakings: For 9 subsidiaries of UniCredit Bank Austria AG, guarantees were issued in favour of S.W.I.F.T. Letters of comfort for a total amount of EUR 1,195,122,461.60 were issued in connection with international leasing transactions; given the nature of collateral for these transactions, it is not expected that claims will be lodged against UniCredit Bank Austria AG because the rights to payment undertaking amounts serving as collateral and held with the leasing companies or with UniCredit Bank Austria AG, or the rights to other security of stable value, have been transferred to the leasing companies. The following five letters of comfort are included at a value of EUR 1 in the item below the balance sheet: A letter of comfort was issued for BA-CA Wien Mitte GmbH / Salima Wien-Mitte Projektentwicklung GmbH in favour of the Austrian Federal Railways (ÖBB) in connection with the redesign of the former Wien Mitte bus terminal. Bank Austria – Annual Financial Statements 2010 204
Notes to the Financial Statements Two additional letters of comfort were issued for the floating of hybrid capital of BA-CA Finance (Cayman) Limited as well as of BA-CA Finance (Cayman 2) Limited. An arrangement for interest-free repayment was made in connection with a subordinated loan to B&C Beteiligungsverwaltungs GmbH. We also issued a letter of comfort for borrowings by some of our units in Central and Eastern Europe from the European Bank for Reconstruction and Development, London. Furthermore, a commitment has been imposed on UniCredit Bank Austria AG under its membership, as prescribed in Sections 93 and 93a of the Austrian Banking Act, in Sparkassen Haftungs AG, a company which is the deposit insurance institution of the Austrian savings bank sector. 4.33. Commitments Commitments 31 Dec. 2010 31 Dec. 2009 (in EUR) (in EUR thsd) Liabilities arising from sales with an option to repurchase pursuant to Section 50 (3) and (5) of the Austrian Banking Act (BWG) 3,633,641.74 5,450 Underwriting commitments in respect of securities 55,852,279.90 70,846 Call/put options sold (pursuant to Annex 1 to Section 22, item 1 j) Irrevocable loan commitments not yet utilised (credit facilities, commitments to lend, obligations to purchase securities, obligations to 568,328,000.00 583,406 provide guarantees or acceptance facilities) 1,797,048,668.62 2,023,829 Securities borrowed – own account 253,940,440.00 1,797 Obligations under rent and lease agreements Any other irrevocable transactions that may give rise to credit risk and 59,727,978.05 58,667 have not been mentioned above 18,956,248.30 14,749 TOTAL COMMITMENTS 2,757,487,256.61 2,758,744 5. Notes to the profit and loss account 5.1. Breakdown of income at foreign permanent establishments On 29 December 2006, UniCredit Bank Austria AG set up a permanent establishment in Milan, Via Tortona 33, which is exclusively engaged in the management and controlling of the equity interests of UniCredit that were transferred by way of contribution in kind. Therefore these activities are not banking activities. In 2010, net interest income amounted to EUR 391,739.74 (2009: EUR 712 thsd) and other operating income was EUR 47,362.92 (2009: EUR 19 thsd). 5.2. Income from equity interests and group companies The item “Income from shares in group companies” included income from profit-pooling arrangements in the amount of EUR 181,601,918.04 (2009: EUR 271,672 thsd). Within income and expenses arising from the valuation and disposal of equity interests, group companies accounted for a balance of minus EUR 435,881,911.34 (2009: minus EUR 1,055,115 thsd). No income was realised on the sale of shares in profit-pooling arrangements. Bank Austria – Annual Financial Statements 2010 205
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Annual Financial Statements 2010 of Bank Austria

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